USDJPY broke lower as expected to our target 102.30/25 & as predicted a low for the day was seen here. We have seen a bounce but will need to beat 102.75 today to build on these gains. We can then target 102.90/95 which should hold a move higher. However if we continue to push on look for a selling opportunity at 103.11/15.
Good support at 102.40/35 could hold the downside today but longs need stops below 102.20. Go with a break lower & look for a buying opportunity at 101.75/70, with stops below 101.60.
An unexpected break above 103.00 may allow a move towards resistance in the 103.35/40 area for a selling opportunity. However if we continue higher look for the next selling opportunity up to this year's high at 103.73.
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USDJPY: Good Support At 102.40/35
Published 12/12/2013, 06:32 AM
Updated 05/14/2017, 06:45 AM
USDJPY: Good Support At 102.40/35
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